MTN joins Millicom and Rocket Internet to build Africa’s leading Internet company

-       Africa’s leading telecommunications firm MTN joins Millicom and Rocket
Internet MTN’s into Africa Internet Holding (AIH), the African online venture.
The three partners will own one third of the company each upon closing.

-       The agreement exploits MTN’s and Millicom’s highly complementary
footprints in Africa with over 220m customer relationships

-       The investment will fast track the development of AIH while ensuring the
company is fully funded until break even.

-     Agreement paves way for growth of high profile brands such as Kaymu,
Jumia, Lamudi, Jovago, Zando, Easytaxi and Hellofood

Stockholm, December 16, 2013. Millicom, the international telecommunications and
media company (Stockholmsbörsen: MIC) and Rocket Internet have signed an
agreement to partner with MTN to develop their African online company AIH.
Together the three companies will fast track the development of AIH leveraging
on MTN’s and Millicom’s highly complementary footprints in Africa and Rocket
Internet’s know-how in online services.
Africa Internet Holding will become an associate of Millicom, MTN and Rocket
Internet with each partner owning one third of the share capital and having
equal representation on the Board of the company.

AIH offers a broad range of services from real estate classifieds to electronics
marketplace, food delivery to fashion e-commerce and hotel booking to taxis
ordering. It is now active in 13 African countries. In the past twelve months,
AIH has accelerated its development and launched six new ventures (Hellofood,
Kaymu, Lamudi, Carmido, Easy Taxi and Jovago) and entered nine new markets
(Kenya, Senegal, Ghana, Uganda, Rwanda, Algeria, Tanzania, Tunisia and Ivory
Coast). In less than one year, Jumia, the African leading online retailer, has
become the #1 online retailer in five major African countries (Nigeria, Egypt,
Kenya, Morocco and Ivory Coast). In October 2013, Jumia has been awarded the
"Best new retailer launch of the year" at the prestigious “World Retail Awards”,
making it the first African company to ever be awarded. The latest initiatives
from AIH include the launch of Kaymu, Africa’s leading marketplace, in Ghana and
the integration of Millicom’s mobile financial services product with AIH
services in Rwanda and Tanzania.

Commenting on the transaction, Sifiso Dabengwa, MTN Group President and CEO,
said: “We are pleased to engage in a strategic partnership with Rocket Internet
and Millicom to develop online ventures across the fast growing internet markets
of Africa. Rocket Internet’s proven successful track record, coupled with
Millicom’s and MTN’s leading mobile telecommunications position, will allow the
partnership to capture the growth potential of the digital media space across
our combined footprint”

Oliver Samwer, co-founder of Rocket Internet further added:

“The strategic partnership between Rocket Internet, Millicom and MTN is unique
and will enable AIH to reach more consumers with better services. We feel very
strong about AIH existing and future ventures in Africa and look forward to
working with our new partner.”

Commenting on the agreement today, Millicom President & CEO, Hans-Holger
Albrecht said:

“We are pleased to welcome MTN as a strategic partner to accelerate the growth
of our online alliance in Africa. It is a significant vote of confidence in its
future. Between us we have more than 220 million mobile customers in the
continent with very limited overlap. MTN is the leader in Nigeria and South
Africa, the largest markets for AIH currently, while Millicom contributes
through its leading positions in our markets, combined with one of the most
innovative product offerings.”

He continued “One year after first investing in these ventures, we are more
convinced than ever about the potential for African online services to grow
strongly and leapfrog traditional retail. We are at the same time extremely
positive about the synergies between running a mobile business and offering
online services, through the opportunities to leverage the distribution network,
the customer base and the payment infrastructure. With MTN and Rocket Internet,
we will accelerate the development of AIH to benefit all customers.”

Today’s agreement is subject to customary closing conditions, including
necessary regulatory approvals, and expected to be completed in Q2 2014. The
previous agreement between Millicom and Rocket Internet signed in August 2012
has been amended to exclude Africa Internet Holding for which relationships
between partners will now be governed by this new agreement. As a consequence
Millicom will consolidate AIH using the equity method, no longer fully
consolidating AIH revenues and EBITDA, in line with its equity ownership of the
business.
For more please contact:

Millicom:

Press Enquiries: Julian Eccles, VP, Corporate Communications
+44 7720 409374 - press@millicom.com

Investor Enquiries: Justine Dimovic, Director, Head of Investor Relations
+352 27 759479- investors@millicom.com

The MTN Group:

Silvanus Khameli on +27 83 222 7613 or silvanus.khameli@mtn.com

MTN Group Press Office - mtngrouppressoffice@mtn.co.za

Rocket Internet:

Andreas Winiarski on +491622904709 or andreas.winiarski@rocket-internet.com

Africa Internet Holding:

Press Enquiries: press@africainternetholding.com
About Millicom

Millicom is a leading international telecommunications and media company
dedicated to emerging markets in Latin America and Africa. Millicom sets the
pace when it comes to providing digital lifestyle services to the world’s
emerging markets, giving access to the world, primarily through mobile devices.
Operating in 15 countries, Millicom offers innovative and customer-centric
products. The Millicom Group employs more than 10,000 people and provides mobile
services, access to the internet, content and financial services to close to 49
million customers. Founded in 1990, Millicom International Cellular SA is
headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol
MIC. In 2012, Millicom generated revenue of USD 4.81 billion and EBITDA of USD
2.07 billion. For more information visit: www.millicom.com

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator,
connecting subscribers in 22 countries in Africa, Asia and the Middle East. The
MTN Group is listed on the JSE Securities

Exchange in South Africa under the share code: “MTN.” As of 30 September 2013,
MTN recorded 203.8 million subscribers across its operations in Afghanistan,
Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea
Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda,
South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia.
Visit us at, www.mtnbusiness.com  and www.mtn.com

About Rocket Internet

Rocket Internet is a leading Internet incubator globally. Its team has been
building online companies since 1999 and has created over 100 market leading
companies in 50+ countries, dozens of which have been exited successfully. Since
2007 it operates under the name of Rocket Internet. Currently, all companies in
which Rocket is a shareholder employ over 25,000 people, covering all relevant
developed and emerging markets. Primary focus is on building proven, transaction
-based business models in the online and mobile space. Rocket Internet is
headquartered in Berlin, Germany, and operates 25 international offices in five
continents. For more information, visit http://www.rocket-internet.com.

About Africa Internet Holding (AIH)

For more information please visit http://www.africainternetholding.com

Africa Internet Holding (AIH) is the largest, fastest and most successful
African Internet Group. AIH introduces and accelerates the online shift in
Africa – for its people and its culture. AIH operates eight fast-growing
ventures in over ten African countries: JUMIA (www.jumia.com), Zando
(www.zando.co.za), Kaymu (www.kaymu.com), Hellofood (www.hellofood.com), Lamudi
(www.lamudi.com), Carmudi (www.carmudi.com), Jovago (www.jovago.com) and Easy
Taxi (www.easytaxi.com).